ABSTRACT
The recent Great Recession was one of the most severe economic crises since the end of the Second World War, but the Great Depression of the 1930s still stands out as the greatest economic catastrophe of last hundred years. The Zurich headquarters of Swiss Re (SR), the leading global reinsurance companies, the exact opposite is true. The Great Depression was certainly a severe test in 2008 that SR had to report the first annual net loss in 140 years. This chapter in a part provides an overview of SR's history from its foundation in 1863 to the late 1920s. It then reports the gains and losses during the Great Depression. The architect of the rapid rise to the top was Erwin Hurlimann, the first Swiss manager in SR's history to climb to the top position. The SR was fully affected by the depression, and the struggle for survival began. The chapter studies and understands the balance sheets of financial intermediaries.
